A cryptocurrency nonprofit has launched a new political action committee (PAC) to raise money from its 440,000 members for crypto-friendly politicians, and is endorsing a bipartisan slate of candidates running in the House of Representatives and the Senate.
Stand With Crypto's PAC joins a deep-pocketed effort from the cryptocurrency industry to put political candidates in office who are committed to supporting crypto and blockchain.
Crypto super PACs Fairshake, Defend American Jobs and Protect Progress have so far raised more than $110 million this election cycle, according to Federal Election Commission records.
"The goal is to endorse candidates and support candidates that are protecting the rights of our advocates of Stand With Crypto throughout November," Nick Carr, chief strategist at Stand With Crypto
The crypto industry has always sought bespoke, lighter-touch rules because its profitability depends on not complying with the rules everyone else has to comply with.
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